3 Things small businesses need to know about data

Data has a fundamental role to play in modern businesses, but it can also be troublesome and confusing for business owners to deal with. Below, we have put together a simple guide to the three most important factors regarding how your company both obtains, and then uses, the customer data it collects.

#1 – The importance of legislative compliance

Data is a highly-regulated industry, and new measures such as the European Union’s GDPR have complicated matters further in this regard. It is important to know your businesses responsibilities regarding data collection and storage and ensure compliant practice is maintained at all times.

#2 – Security is crucial

In recent years, a number of major multinational corporations have found themselves experiencing data breaches. However, the risk of being hacked is not reserved for large businesses; small companies are vulnerable too, so it’s important to ensure that your data storage is as secure as it can possibly be at all times.

#3 – Data is useless without good analysis

Through the course of running your business, a huge amount of data about your customers will be obtained. However, this data is next-to-useless in and of itself – it has to be analyzed and used to influence future business outcomes. As a result, it is well worth investigating the use of psychology in the interpretation of data, an importance that the infographic below concisely outlines:

Infographic Design By USC Online

*This is a contributed post

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